The SMSF Professionals’ Association of Australia (SPAA) has described the federal government’s recent decision to limit the tax deductibility of self-education expenses to $2000 as “short-sighted and self-defeating”.

The generation X demographic is the group of clients financial planners and accountants need to focus on if they want to build a successful SMSF advisory business, according to an industry expert.

High-income earners are likely to be the biggest losers under the new superannuation laws, having effectively had new taxes levied upon them, a sector expert has said.

Three financial dealer groups have signed up to use Superfund Wholesale’s new online SMSF administration platform, iSystem.

SuperGuardian’s SMSF administration and investment service aimed at trustees, Xpress Super, has partnered with Macquarie to provide its clients with access to a separately managed account (SMA) facility.

Adherence to the best interest requirement under the Future of Financial Advice (FOFA) reforms was still causing confusion in the SMSF sector due to the different types of professionals and practitioners providing advice in the area, a recent selfmanagedsuper roundtable found.

Specialist unified managed account (UMA) provider OneVue has found its platform is facilitating better and more cooperative relationships between accountants and financial advisers servicing SMSF clients due to the information being generated.

The Institute of Chartered Accountants in Australia (ICAA) has called on new Treasurer Chris Bowen to continue to implement important scheduled superannuation and financial services reform, given his defined responsibilities in the revamped federal government.